The OM token, native to the MANTRA ecosystem, experienced a dramatic collapse on April 13, 2025, plummeting over 90% from approximately $6.30 to below $0.50 within an hour. This sudden drop erased more than $5 billion in market capitalization, drawing parallels to previous significant crypto crashes. ​CoinGape+16FXEmpire+16Cointelegraph+16



🧨 What Caused the Crash?


Several factors have been identified as contributing to this unprecedented decline:




  • Forced Liquidations: The MANTRA team attributed the crash to massive forced liquidations on centralized exchanges, leading to a cascade of sell-offs. ​CoinGape+499Bitcoins+4Crypto Briefing+4



  • Whale Activity: On-chain data revealed that at least 17 wallets deposited $227 million worth of OM tokens into exchanges shortly before the crash, suggesting significant sell pressure from large holders. ​FXEmpire+6CoinGape+6CoinGape+6



  • Centralized Token Supply: Concerns arose over the MANTRA team's control of a large portion of the token supply, leading to allegations of insider dumping and market manipulation. ​Crypto Briefing+2FXStreet+2CoinGape+2



📉 Aftermath and Market Reaction


In the wake of the crash, OM briefly rebounded to around $1 but has since stabilized near $0.70. The incident has led to increased scrutiny of MANTRA's tokenomics and governance, with some investors drawing comparisons to the Terra LUNA collapse of 2022. ​Coinpedia Fintech News+17Cointelegraph+17CryptoManiaks+1799Bitcoins+14FXEmpire+14FXStreet+14



🔍 What's Next?


The MANTRA team has pledged to investigate the events leading to the crash and implement measures to prevent future occurrences. However, the incident underscores the risks associated with centralized token control and the importance of transparency in crypto projects.​



Further Reading on the OM Token Crash

CoinDesk

Mantra’s OM Crashes 90% in Bizarre Selloff as Team Alleges ... - CoinDesk

4 days ago

CoinGape

Binance Breaks Silence Amid Mantra (OM) 90% Price Crash

3 days ago



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